1 ‘ASIAN DOOR 2018’ FAIR KICKS OFF WWW.MONTSAME.MN PUBLISHED:2018/11/21      2 BEYOND BITCOIN: THE OTHER CRYPTOCURRENCIES YOU SHOULD KNOW TOO WWW.CNN.COM PUBLISHED:2018/11/21      3 ATTRACTING INVESTMENT FROM FRANCE TO AGRICULTURAL SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      4 MONGOLIA AND RUSSIA TO EXPAND COOPERATION IN TRANSPORT SECTOR WWW.MONTSAME.MN PUBLISHED:2018/11/21      5 NEWLY-OPENED CHINA-MONGOLIA FRIENDSHIP CULTURAL CENTER TO BOOST TIES WWW.CHINA.ORG.CN PUBLISHED:2018/11/21      6 UN APPRECIATES MONGOLIA’S CONTRIBUTIONS FOR NORTHEAST ASIA WWW.NEWS.MN PUBLISHED:2018/11/21      7 BHP OFFICIALLY DROPS 'BILLITON' FROM NAME WWW.MINING.COM PUBLISHED:2018/11/21      8 THE NOTICE: WWW.MONGOLIANBUSINESSDATABASE.COM PUBLISHED:2018/11/21      9 IRKUTSK REGION SUPPLIES USD 31 MILLION PRODUCTS TO MONGOLIA WWW.MONTSAME.MN PUBLISHED:2018/11/20      10 27 PARLIAMENT MEMBERS SUBMIT PETITION ON CABINET DISSOLUTION WWW.ZGM.MN PUBLISHED:2018/11/20      ОРОН СУУЦНЫ БАРИЛГЫН ӨРТГИЙН ИНДЕКС III УЛИРАЛД ЖИЛИЙН ДҮНГЭЭР 15 ХУВИАР ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/21     САЙЖРУУЛСАН ТҮЛШНИЙ БОРЛУУЛАЛТ УДААШИРЧЭЭ WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/21     ЗАСГИЙН ГАЗРЫН ТОГТВОРГҮЙ БАЙДЛААС ҮҮДЭЖ “ГЭРЭГЭ” БОНДЫН ХАНШ БУУРЧЭЭ WWW.MEDEE.MN НИЙТЭЛСЭН:2018/11/21     ЭДИЙН ЗАСГИЙН ӨСӨЛТ 7.1 ХУВЬД ХҮРНЭ ГЭВ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/21     ТӨРИЙН ҮЙЛЧИЛГЭЭ ЦАХИМД ШИЛЖЛЭЭ WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/21     УЛААН БУУДАЙ, ТӨМСНИЙ ДОТООДЫНХОО ХЭРЭГЦЭЭГ БҮРЭН ХАНГАНА WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/21     "ГУДАМЖ" ТӨСЛИЙН 14 БАЙРШЛЫН, 50 ТЭРБУМ ТӨГРӨГИЙН БАЙГУУЛАМЖИЙГ НИЙСЛЭЛИЙН ӨМЧИД БҮРТГЭЖ АВЛАА WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/21     САНАМЖ: WWW.MONGOLIANBUSINESSDATABASE.COM НИЙТЭЛСЭН:2018/11/21     ЭРЧИМ ХҮЧНИЙ ИХ АЧААЛАЛ 973 МВТ-Д ХҮРЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2018/11/20     ЗАСГИЙН ГАЗРЫГ ОГЦРУУЛАХ БИЧИГ ӨРГӨН БАРЬСНЫ ДАРАА "ГЭРЭГЭ" БОНДЫН ХАНШ БУУРЛАА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/20    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Zara founder’s $361mn donation to fight cancer stirs controversy amid tax evasion claims www.rt.com

Zara’s founder is sharing his wealth by donating $361 million worth of state-of-the-art cancer fighting equipment to Spanish hospitals, but his goodwill is being slammed by those who believe the retail chain’s parent company is guilty of tax avoidance.

The donation made by Amancio Ortega, the store’s founder and the richest man in Europe, has been sharply criticized since the Green Party accused Zara’s parent company, Inditex, of employing “aggressive” tax strategies and techniques to avoid paying €585 million ($653 million) in taxes from 2011 to 2014 – a claim that Inditex denies.
The Federation of Associations for the Defense of Public Health Services has also hit out at Ortega, with spokesperson Luisa Lores telling AFP that the donation is a “way to avoid paying taxes,” as part of the donation is tax deductible.
The federation also made its platform clear earlier this month, saying in a statement that Ortega should “not be demonstrating his philanthropy but his desire to contribute to public finances in a way that is proportional to his profits.”
However, people actually battling cancer have expressed gratitude, including a patient named Inma Escriche who took to Facebook to say she hopes those who have condemned the donation never have to experience what she is going through.
“I just wish that neither they nor any loved one (in the hypothetical case that they are capable of loving someone) are in the position of needing it,” she wrote, referring to the donated equipment.
The billionaire’s donation represents eight percent of last year’s public health budget for Spain, a country which sees more than 200,000 cancer cases diagnosed annually, according to Ortega’s foundation, which is carrying out the donation.
Hospitals in Galicia and Andalusia have already received machines used for screening and radio therapy treatment of breast cancer, according to Reuters. Ortega’s foundation told AFP that it will continue to arrange delivery of the equipment to other hospitals across the country.
Ortega’s foundation was set up in 2001 with proceeds from Inditex’s stock market flotation. It has previously funded other charitable projects, including scholarships for students to study abroad and the construction of early learning centers in Ortega’s home region of Galicia.
Earlier this year, Forbes ranked Ortega as the fourth richest man in the world, boasting a personal wealth of $71.3 billion. However, much of that wealth fluctuates based on the stock market valuation of his 60 percent majority stake in Inditex.
Inditex, which owns eight retail chains, experienced an 18 percent jump in net profit in the first quarter of 2017, reaching €654 million ($729 million). The company has 7,385 shops in 93 countries, the Financial Times reported on Wednesday.

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Mongolia cuts interest rate by 200 basis points to 12 pct - central bank www.kitco.com

ULAANBAATAR, June 15 (Reuters) - Mongolia has cut benchmark interest rates by 2 percentage points to 12 percent, the country's central bank told Reuters on Thursday.

Mongolia hiked rates by 4.5 percentage points to 15 percent last August in a bid to stabilise its currency, which was in free-fall. It subsequently cut rates by 1 percentage point in December.

The country agreed pm a financial package worth $5.5 billion with the International Monetary Fund last month to help stabilise the Mongolian economy and cut its budget deficit. (Reporting by Terrence Edwards; Editing by Richard Borsuk)

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Korean consortium bids for Australian iron-ore giant Arrium www.mining.com

A consortium of companies including Korean steel juggernaut POSCO has made a bid for Arrium, a major Australian iron ore miner and steelmaker.

Split into two divisions, Arrium runs the steelworks at Whyalla, South Australia, and is also a supplier (to Whyalla) and an exporter of hematite iron ore. It is Australia's only manufacturer of long steel products, with capacity of about 2.5 million tonnes a year. Arrium also has steel operations on the east coast.

But the company was forced into "voluntary administration" in April 2016 with debts of over AUD$4 billion. Voluntary administration is an insolvency procedure whereby the directors of a financially troubled company appoint an external administrator called a "voluntary administrator".

The shutdown affected about 2,500 steelworkers who lost their jobs.

Today, however, it was announced that a consortium headed by Newlake Alliance Management and JB Asset Management and supported by POSCO, has bid on the business that was put up for sale by administrator KordaMentha and its advisers Morgan Stanley. A bid figure was not disclosed. The sale would have to be approved by the creditors committee and the Foreign Investment Review Board.

The consortium outbid rival consortium Liberty Group and Simec.

The Australian opined that it was the greater firepower brought to the table through POSCO, which is the world's fourth largest steelmaker, that sealed the bid.

"The opportunity for the Korean steelmaker is thought to be one where a distribution network is created to distribute its own steel products throughout Australia from out of Korea and make it more competitive with Australian steel making champion BlueScope," Australian Business Review wrote.

POSCO also reportedly is able to produce iron or steel from thermal coal, "which could lower Arrium’s steelmaking costs, and make an acquisition of the loss-making Whyalla a viable proposition," according to an analysis of the deal. A byproduct of the FINEX steelmaking process is natural gas, which could generate up to 250 megawatts, ABC News said.

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BHP Billiton announces new Chairman www.mining.com

The world’s largest mining company, BHP Billiton (ASX, NYSE:BHP) (LON:BLT) announced today that Ken MacKenzie has been elected to succeed long-serving Chairman Jac Nasser.

Following a formal process led by Senior Independent Director, Shriti Vadera, the new chairman will assume his post on September 1, 2017.

Former CEO of global packaging company Amcor, MacKenzie joined the BHP board as a non-executive director in September 2016 and is a member of its Sustainability Committee.

The Canadian executive, who lives in Australia, has over 23 years of international business experience and, according to Vadera, “has a proven track record of delivering value for shareholders.”

His appointment comes after Australian Nasser, who was a board member for over 10 years and was appointed chairman in 2010, announced his retirement in October last year. Nasser wanted to retire earlier, but he chose to stay on while BHP dealt with the aftermath of the Samarco mine disaster in Brazil, which claimed 19 lives and caused widespread environmental damage.

In a press release, the outgoing executive dubbed MacKenzie’s election “an excellent choice” and thanked BHP’s CEO, Andrew Mackenzie, for his “vision and hard work to help deliver significant change over the past four years.”

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Mongolia Growth : Announces AGM results and Director Resignation www.4-traders.com

Toronto, Ontario (FSCwire) - Mongolia Growth Group Ltd. (YAK - TSXV and MNGGF - USA) (“MGG”) or (“the Company”) a commercial real estate investment company participating in the Mongolian economy announces the passage of all resolutions and the election of all nominated directors (Nick Cousyn, Jim Dwyer, Brad Farquhar, Harris Kupperman, Byambaa Losolsuren and Robert Scott) at the Company’s Annual General Meeting held on June 14, 2017.

Additionally, following the election, MGG announced the resignation of Byambaa Losolsuren from the Board of Directors. “I want to thank Byambaa for her 6 years of insight and dedication as a board member,” Said Harris Kupperman, Chairman and CEO of MGG. “I wish her the best in all of her future endeavors.”

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Mongolia to spend CNY 2 billion on ger area replanning www.montsame.mn

Ulaanbaatar /MONTSAME/ During its regular meeting on June 14, Wednesday, the Cabinet resolved to spend Chinese CNY 2 billion aid on ger area re-planning to reduce air pollution.

During Prime Minister J.Erdenebat’s official visit to the country, the People’s Republic of China granted the non-refundable to Mongolia.

Minister of Construction and Urban Planning G.Munkhbayar and Ulaanbaatar Mayor S.Batbold were assigned to draft the necessary project and propose to the Cabinet.

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Mongolia: New Project to Deliver Reliable Electricity and Scale-Up Renewables www.worldbank.org

WASHINGTON, June 15, 2017—In the context of rapidly growing energy demands, a new project will support Mongolia’s efforts to improve the reliability and sustainability of electricity services.

The Second Energy Sector Project, approved today by the World Bank’s Board of Executive Directors, will contribute $54.4 million in financing to help the government of Mongolia address key bottlenecks in select electricity distribution companies by upgrading aging assets and expanding distribution capacity. The project will also support the development of solar power.

“More reliable access to electricity will improve the lives of families and help businesses thrive. The World Bank is committed to continuing our partnership with Mongolia to strengthen the power sector and explore options for renewable energy to help the country pursue sustainable development,” said James Anderson, World Bank Country Manager for Mongolia.

Obsolete and inefficient distribution networks have led to significant distribution losses, which are as much as 25 percent in many networks. The regional distribution systems have reached their capacity limit and are in critical need of renovation and expansion.

The project will finance investments to upgrade and expand the capacity of power distribution infrastructure in the Baganuur-Southeast and the Erdenet-Bulgan distribution networks, which supply electricity to nine of Mongolia’s 21 provinces.

It will also help scale up production of renewable energy in remote rural areas by designing and building the first large-scale solar photovoltaic 10 MW power plant in Mongolia outside the Central Energy System. The plant will supply affordable and clean energy to the country’s western region, which currently imports 70 percent of its power supply.

“We are encouraged by the government’s target to increase the share of renewables to 30 percent by 2030,” – said Peter Johansen, Senior Energy Specialist of the World Bank. “With its abundant solar and wind power resources, the country is now considering to more effectively and efficiently incentivize renewable energy investment to fully use its potential.” 

The project will be funded by a $42 million loan on concessional terms from the World Bank’s International Development Association and a $12.4 million grant from the Scaling-Up Renewable Energy Program under the Strategic Climate Fund.

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Block IV and V PSC Extensions www.petromatadgroup.com

 
Petro Matad, the Mongolia focussed oil exploration and future development and production company is pleased to advise that the Mongolian regulatory body ("MRPAM") has formally approved an extension of the exploration period for the Block IV and V Production Sharing Contracts, for 2 years each, until 29th July 2019. A further two-year extension is provided for in the PSCs, which the Company will be eligible to apply for in early 2019. Detailed analysis and pre-drill work conducted by the Company has documented the significant exploration potential of Blocks IV and V with multiple leads and prospects. The Company has matured a series of prospects for exploration drilling, having secured a drilling rig from Sinopec Mongolia LLC and the first well is due to spud in Q3 2017. The Company will be providing further details on targets and prospectivity at that time.‎
Excluding the cost of the first well to be drilled in 2017 (which will count against the first term Block V PSC commitment ending on 29 July 2017), the financial commitments agreed with MRPAM to be undertaken in the extended period totals $7 million. The Company's planned work programmes will satisfy these commitments.
These PSC extensions will enable the Company to execute its planned work programme for 2017, which includes the drilling of two wells and the acquisition of 3D seismic. Further details on the specifics of the work programme will be the subject of subsequent announcements.
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Mongolian diet, health focus of collaboration www.dailyasianage.com

 
CloudHealth Genomics, a Shanghai-based company, and the Mongolian Health Initiative, an NGO, have signed a memorandum of understanding to collaborate on population-based public health interventions.
The shared aim is to advance precision medicine for diagnosis, treatment and prevention of nutritional deficiencies and reducing nutrition-related diseases including cardiovascular disease and diabetes.
Mongolians are traditionally nomadic people whose diet is mostly animal products, because of poor soil quality and geography. The imbalances in agriculture and the food supply, compounded by sudden changes in diet and physical activity brought about by Mongolia's recent economic growth, have contributed to unhealthy eating choices.
In recent reports, Mongolia had the highest national percentage of cardiovascular disease attributable to dietary imbalance, and the highest mortality for both genders attributable to low fruit consumption, low vegetable consumption, and low fiber consumption in the world.
Rapid urbanization and adoption of indoor occupations, has led to a rise in obesity, type II diabetes, and other lifestyle-related diseases. At the same time, there are widespread deficiencies of multiple micronutrients, particularly among children and women of reproductive age.
The signing is an opportunity and also part of an ongoing effort of China’s Belt and Road Initiative, which is to create the world's largest economic platform for economic cooperation, including policy coordination, trade and financing collaboration, and social and cultural cooperation.
"This agreement will encourage and support strategic science-driven collaboration between two neighboring countries to catalyze innovation in biomedical research in dietary, nutrition-related diseases and other diseases," said Jason Gang Jin, CEO and founder of CloudHealth, which is one of the world's fastest-growing genomics-based precision medicine and scientific wellness solution's companies. "This will evolve to the development of new cost-effective diagnostics to monitor and guide treatment of the dietary habits and associated diseases for the whole country and beyond."
"This will only help the people of Mongolia be healthier and in the mid- to long-term, provide insights and time for our country to improve existing healthcare infrastructure and how we communicate with our nomadic communities," said Uyanga Buyanjargal, executive director of Mongolian Health Initiative.
Winston Patrick Kuo, chief technology officer of CloudHealth, said, "As a scientific adviser of MHI, I really see the Belt and Road Initiative as a huge global 'big data' healthcare infrastructure opportunity for ethnic population-based cohorts studies for a variety of diseases that are not necessary connected to neighboring countries, but countries on different continents."
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Mongolia's Munkh-Orgil: Middle-class surge will change everything www.asia.nikkei.com

Of all the important trends shaping Asia, the rise of the middle class will have the most profound impact, Mongolian Foreign Minister Tsend Munkh-Orgil told the conference.
 
Citing an OECD estimate that the middle-class population will surge to 4.9 billion by 2030, from 1.8 billion in 2009, Munkh-Orgil said the figures are "mind-boggling." The change, he said, will have wide-ranging repercussions on politics and globalization.
"It will have a significant impact on every aspect of life for the next 20-30 years in Asia," he said. In his view, the future will not be about cheap labor or resources -- rather, it will be centered on connections and technological innovation.
Munkh-Orgil stressed that despite talk of spreading protectionism, Asia will see itself increasingly connected and integrated. "We do not believe globalization will stop or slow down, we believe it is unstoppable."
Munkh-Orgil said that countries should not try to avoid the risks associated with globalization -- epidemics, terrorism, human trafficking and so on -- by closing their doors.
"We know what happens when nations do that," he said. "Nothing good comes out of it."
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